Global Language Translation Software and Services Market to Reach US$37 Billion by 2018, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) July 25, 2012
Follow us on LinkedIn – Global businesses, in order to stay viable and gain access to opportunities across the globe, must communicate effectively with people of varied regions across the world. Services of translation companies are in high demand from Government as well as private organizations, in view of the increasing significance of effective communication with customers, employees, partners, and officials in the target markets. Despite the fact that the market has considerably lower number of professional translators, it continues to witness strong growth driven by the rising demand for translation and localization services. Growth to a large extent is driven by the globalization move of companies from various industries, which are increasingly looking to expand their operations in the international markets. Globalization of markets, businesses and finances has enhanced the need for product manuals and other documents in various languages. Innovative processes, technologies, applications, and usage of complex products are among the other factors driving growth in the market.
The demand for language translation software and services has remained relatively unaffected even during the economic downturn, as it is closely linked to a company’s core business operations. The market remained insulated to an extent given the continuous demand for translation from immigration and foreign trade sectors. Further, translation is a critical constituent of global commerce activity, and is commonly associated with various types of business correspondence, legal documentation, and promotional brochures. Apart from globalization, increasing diversification of the online market has contributed immensely to escalating demand for translation products and services. Increasing significance of the Internet and rapid rise in the number of non-English speaking Internet users has significantly influenced the trends in the global translation industry.
As stated by the new market research report on Language Translation Software and Services, the United States represents the single largest market translation services with demand stemming from corporations as well as from Government agencies. Given the presence of a sizeable number of immigrants in the country, demand for language services emerges from their need to translate documents such as marriage and birth certificates as well as legal documentation and diplomas. Besides, demand is also emerging from the local community, where people seek to interpret services related to legal and medical appointments. Demand is also rising from medical sector owing to the fact that US-made equipment are finding increased demand in regions such as South America, Canada, and Europe, thereby necessitating documentation in local languages. Asia-Pacific represents the fastest growing regional market for language translation software and services, with a compounded annual growth rate of 14.8% over the analysis period. Rising demand for translation services in the region is attributed to the growing desire of companies from developing countries to reach out to the consumers in Western countries. Among Asian countries, China and India offer maximum opportunities for growth in the long run.
Translation services are offered by professional translation companies as well as individual translators (or freelance translators), commonly referred to as Language Service Providers (LSPs). LSPs can be translation companies, universities or language schools, freelance translators, and free online translation services.
Major players profiled in the report include AVW-TELAV Audio Visual Solutions, Babylon Ltd., Engility Holdings Inc., euroscript International S.A, Google Inc., International Business Machines Corp., Language Line Services, Lionbridge Technologies Inc., Moravia IT a.s, SAIC Inc., SDL Language Technologies, SYSTRAN S.A, thebigword Holdings Limited, Translations.com, and TransPerfect Translations International Inc.
The research report titled "Language Translation Software and Services: A Global Strategic Business Report" announced by Global Industry Analysts, Inc. provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections across geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia Pacific, and Rest of World.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.